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(2 marks)
45
 
The purpose of ………….. data is to ensure that the most recent usable copy of the data can be 
recovered and restored in the event of loss or corruption on the primary storage medium. 
Which word correctly completes this sentence?

Password-protecting 

Validating 

Backing 
up 

Verifying 
(2 marks)
46 
The mnemonic SPAMSOAP is often used to remember the range of financial control procedures. 
What does the ‘O' stand for in this mnemonic? 

Operations 

Oversight 

Organisation 

Openness 
(2 marks)
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PRACTICE QUESTION AND ANSWER BANK 
 
522
 
47 
Which characteristic of big data refers to how trustworthy it is? 

Variety 

Veracity 

Velocity 

Volume 
(2 marks)
48 
JKL Ltd is a limited liability company incorporated in the UK. The company is listed on the UK 
Stock Exchange and applies International Financial Reporting Standards (IFRSs) when preparing 
its financial statements. 
(a) 
What are the features of internal and external audit? 
 
Internal 
External 
Evaluating the adequacy and effectiveness of internal controls 


Carried out for the benefit of shareholders 


Part of the business's control system 


Examines the published financial statements 


(b) 
Which body in the UK monitors the use of accounting standards in published financial 
statements? 

Government 

HM Revenue and Customs 

International Accounting Standards Board 

Financial Reporting Review Panel